SPICEJET PAYMENT CLEAR
SpiceJet clears dues, no longer in default, SC notified
The court was hearing a contempt petition filed by Credit Suisse against Singh over the non-payment of dues despite a court-approved commercial settlement arrived at between the Swiss firm and the low-cost airline in 2021. The dispute arises from SpiceJet's alleged failure to honour invoices raised by Credit Suisse.
Credit Suisse says SpiceJet cleared all dues; SC posts case for July hearing to ensure it doesn't default again
The Supreme Court acknowledges Credit Suisse's confirmation that SpiceJet, under CMD Ajay Singh, has settled its $24 million payment dispute. Despite this, the court schedules a hearing in July to prevent future defaults, following SpiceJet's history of defaulting. The court had previously directed SpiceJet to clear $1.25 million dues by March 15.
Why Ajay Singh of troubled SpiceJet seeks redemption in bankrupt Go First
Ajay Singh, known for turning around airlines, has bid for the bankrupt Go First airline. However, his own airline, SpiceJet, is also facing financial challenges. Turning around Go First will be a difficult task, but restarting the airline quickly is the best hope for its success.
Supreme Court directs SpiceJet to clear $1.25 million dues to Credit Suisse by March 15
The Supreme Court instructed SpiceJet to settle its outstanding dues of $1.25 million to Credit Suisse by March 15 in a payment dispute totaling $24 million. The court directed SpiceJet chairman Ajay Singh to appear on March 22. Credit Suisse's counsel stated that SpiceJet was in default of $1.25 million as of February 15, while SpiceJet's counsel disputed the claim, citing delayed payment.
SpiceJet-Credit Suisse Case: SC says no scope for belated payment, asks carrier to clear dues by March 15
The Supreme Court directed SpiceJet to clear all outstanding dues to Credit Suisse by March 15. The court had earlier granted SpiceJet six months to settle arrears with Credit Suisse. SpiceJet, facing financial challenges, has also bid for bankrupt carrier Go First. Ajay Singh, SpiceJet CMD, has been summoned to appear before the court on March 22
Pay $4 m to lessors by Feb 15: HC to SpiceJet
Justice Pratibha Singh noted that in terms of the previous order, SpiceJet had paid $450,000, but the rest of the money was yet to be paid. Noting that the airline has received substantial funding, the high court warned Spicejet "this can't go on like this...you may have to clear other outstandings but pay $4 million upfront (to lessors). This cannot work," the judge said.
- Go To Page 1
Spicejet and Celestial Aviation trying to settle; NCLT adjourns to February 26
The budget airline is facing insolvency petitions from other aircraft lessors and one of its vendors as well and is also involved in litigation at the Delhi High Court.
SpiceJet and Celestial move closer to settlement; NCLT grants more time
The counsels for both sides informed the tribunal that Spicejet had made some payments to Celestial Aviation Services Ltd and asked for the matter to be adjourned.
NCLT junks insolvency plea against SpiceJet
On Monday, the National Company Law Tribunal rejected Willis Lease Finance Corporation's insolvency plea against SpiceJet. The petition, citing default of $6.58 million, was filed under the Insolvency and Bankruptcy Code. SpiceJet contended it was not maintainable as WLFC wasn't the operational creditor or debt assignee. SpiceJet faces insolvency from multiple creditors, having settled with Carlyle Aviation Partners.
Stocks in news: SBI, Coal India, ONGC, SpiceJet, RateGain Travel, BSE, Oberoi Realty
The government on Monday appointed Vinay M. Tonse as the Managing Director of the lender until November 30, 2025.
SC agrees with SpiceJet payment proposal, orders airline to pay $1 mn every month for the next 6 months to Credit Suisse
SpiceJet's Chairman, Ajay Singh, has been ordered by the Supreme Court to pay $1 million every month for the next six months to clear arrears of $3 million. After that, he will have to pay regular installments of $500,000. Singh has also been instructed to be present in court on October 20. This follows SpiceJet's recent payment of $1.5 million to Credit Suisse, after the court warned Singh to make the payment or face consequences. The court has accepted Singh's request for a 6-month extension to pay the arrears.
SpiceJet completes $1.5 million payment to Credit Suisse, shares rise
SpiceJet has made a payment of $1.5 million to Credit Suisse after the Supreme Court of India ordered the chairman of the budget carrier, Ajay Singh, to pay the amount. The court had previously asked Singh to make a payment of $500,000 by September 22nd, along with $1 million towards the defaulted amount.
HC refuses to stay SpiceJet's interest liability in arbitral award to former promoter Maran
The division bench of Delhi High Court on Thursday refused to stay its single-judge order upholding an arbitral award asking SpiceJet and its promoter Ajay Singh to refund Rs 579 crore plus interest of 18 per cent to media baron Kalanithi Maran.
Kalanithi Maran Vs SpiceJet: Airline director challenges before Delhi HC single-judge order upholding arbitral award
Low-cost airline SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh before the Delhi High Court have challenged a single-judge order upholding, in favour of Sun Group Chairman Kalanithi Maran and Kal Airways, an arbitral award passed by the tribunal comprising three retired Supreme Court judges.
A day to forget! SpiceJet stock falls over 20% intraday as co marks 18th anniversary
Shares of budget airline, SpiceJet, have plummeted by over 20% on Tuesday due to its financial struggles and lessors pushing for the carrier to clear its dues. SpiceJet has also experienced various grounded planes, which has led to the defaulting of lease rental payments. The airline aims to return four out of the 25 grounded aircraft to operations by June 15 and more to follow in the next few weeks. While SpiceJet is targeting the return of planes, analysts have noted that the company's competitor, IndiGo, has gained 12% on a year-to-date basis.
No plans to file for insolvency, says SpiceJet CMD Ajay Singh
Ajay Singh, chairman and managing director of SpiceJet, also said the airline has started the process of reviving its grounded fleet by “using the $50 million ECLGS (Emergency Credit Line Guarantee Scheme) funds and our own cash”.
Go First bankruptcy effect! Airline stocks rally up to 8%
Airline stocks in India rallied up to 8% following the insolvency filing of Go First, with investors expecting consolidation in the industry. Jefferies analyst Prateek Kumar said the unexpected shutdown of Go First is likely to drive supply constraints, which could benefit air fares, especially with recent strong traffic trends in the Indian aviation sector. The Wadia Group-owned airline had not defaulted on its total debt of Rs 65.21bn ($873m) to financial creditors as of 30 April, but had defaulted on payments to operational creditors.
SpiceJet looks to settle dues of aircraft lessors
The company will first transfer its cargo undertaking to a newly created subsidiary. The unit, SpiceXpress, will then issue compulsorily convertible debentures (CCDs) to the parent, said the people cited above. Then, SpiceJet will offer lessors the option to swap lease payments with the CCDs.
Will the revamped ECLGS package bring an end to SpiceJet's troubles?
SpiceJet has been scouring for funds and needs around Rs 2,000 crore to safely navigate the turbulent skies. High aviation fuel prices have only compounded the problem for the carrier something that Ajay Singh has quite often flagged.
SpiceJet jumps over 9% on report of likely Rs 1,000 cr govt loan
Airline executives said that the fund will be used to make lease payments to induct new Boeing 737 Max aircraft and clear outstanding statutory dues like the employee provident fund. "This will take care of the survivability question of the airline once and for all," said an airline executive.
Government enhances credit line for airlines
The modification will allow cash starved airlines like SpiceJet, Go First to get more collateral free loan under the scheme. Alarmed by the weak financial state of Indian airlines, the civil aviation ministry had pushed to enhance the credit limit to them under the ECLGS scheme.
SpiceJet may be defaulting on EPF: How to check if your employer is depositing it
In Budget 2021, the government amended the income tax law to ensure that employers deposited employees' EPF dues on time.
Stocks in the news: Paytm, Vodafone Idea, Mahindra Lifespace, NMDC, MSTC, RIL and Petronet LNG
India's biggest gas importer will invest Rs 40,000 crore in the next five years for expanding import infrastructure as well as foraying into new business to boost profitability to Rs 10,000 crore. Petronet, which operates two LNG import facilities at Dahej in Gujarat and Kochi in Kerala, is looking to foray into the petrochemicals business, according to the firm's latest annual report.
Spicejet likely to receive around Rs 225 crore next week as part of ECLGS
Budget carrier SpiceJet is likely to receive around Rs 225 crore next week as a part of the extended credit line guarantee scheme (ECLGS), ET Now reported citing sources. The funds will be used to clear statutory dues and lessor payments, the report said.
SC to consider plea for mediation to settle disputes between SpiceJet & Kalanithi Maran
A bench comprising Chief Justice N V Ramana and Justices J K Maheshwari and Hima Kohli was apprised by senior advocate Mukul Rohatgi, appearing for SpiceJet, that there were three pending issues between the low-cost airline and Maran and out of these, one has been settled on July 29.
SpiceJet rallies 18% as Middle Eastern airline looks to buy 24% stake
Meanwhile, SpiceJet has entered into a full and final settlement with the Airports Authority of India (AAI) and has cleared all outstanding principal dues of the airport operator. With this, SpiceJet no longer remains on ‘cash and carry’ at AAI-run airports across the country and will revert to an advance payment mechanism for daily flight operations.
SpiceJet clears all dues with Airports Authority of India
The airline will revert to advance payment mechanism for its daily operations, it added, days after the aviation regulator ordered the low-cost airline to slash its approved fleet to 50% this summer for eight weeks citing safety snags.
Air India returns to Tata fold, company set to pay Rs 18,000 crore for airline
Tata will pay Rs 18,000 crore to acquire Air India from the government - of the total money 15% of it would go to the government and the rest will go in clearing debt.
Indian airlines risk consolidation, plane repossessions amid COVID-19 surge
While IndiGo is seen as a survivor, the situation is worse for smaller carriers, particularly those without large backers, some of which were struggling before the novel coronavirus hit, analysts say.
Load More
